S.Korea's POSCO Holdings hits near 16-year high in family rally

Posco International

24/07/2023 05:59

** Shares of steelmaker POSCO Holdings  005490.KS  and its
family stocks rally after robust second-quarter earnings
    ** POSCO rises as much as 23.77% to its highest since Oct.
2007, now ranked South Korea's fourth-largest by market cap
    ** Co reports 1.3 trillion won ($1.01 bln) in operating
profit, as estimated earlier, up 85.7% QoQ but down 38.1% YoY
    ** POSCO International  047050.KS  rises as much as 29.9% to
its daily upper limit after reporting an 11.4% YoY gain in
profit
    ** POSCO Future M  003670.KS  gains more than 10% after an
announcement to make investment in electric-vehicle battery
cathode material production, POSCO Steeleon  058430.KS  gains
more than 20%
    ** Analysts cite solid earnings in steel business and upbeat
outlook on rechargeable battery-related business as factors
driving the steelmaker group's rally in recent days
    ** The broader KOSPI index is up 0.44% as of 0437 GMT

($1 = 1,283.1600 won)

 (Reporting by Jihoon Lee)
 ((jihoon.lee@thomsonreuters.com))